Difference between TAX and DUTY?

This query is : Resolved

Report Abuse Follow Query Ask a Query

Ruthwik Varma

Ruthwik Varma (Querist)
Follow

05 January 2017 What is the difference between TAX and DUTY? If both are same, then why they are called differently?

Pawan Kumar Sharma

Pawan Kumar Sharma (Expert)
Follow

05 January 2017 Tax is a takeaway or a charge on your income, sales or service by the government. Duty is also a type of tax but is restricted to being a charge on goods or financial transactions. For instance, excise duty is levied on manufacturing of goods and custom duty is levied on import or export of goods.

Message likes : 1 times

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
Follow

06 January 2017 Duty is a tax levied on goodson import and export or manufactured in the country.like Excise duty and custom duty.

Taxes are binding individuals are bound to pay which is direct or indirect tax. Income tax, property tax and vat etc

Upgrade to CAclubindia Pro. Subscribe Now!